Four Pillars of GDP: Driven by the private sector
Singapore has moderate GDP growth, driven mainly by private investments and private consumption. Net export was a drag on GDP growth in the past four quarters.
PE and growth for Singapore look attractive relative to ASEAN
Singapore’s 2018CE* 13.9x PE is in line with Asia ex Japan and below ASEAN. EPS growth is in line with Asia ex Japan for 2018CE* but above ASEAN. Nice dividend yield, only Taiwan has higher in Asia.
Top value fund managers are ready for the small cap bear market to be done
During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More
A. Stotz Four Elements: Singapore’s rank relative to Asia
Overall, Singapore appears moderately attractive in Asia considering all our four elements: Fundamentals, Valuation, Momentum, and Risk.
Fundamentals: Poor ROE, only Hong Kong has lower ROE in Asia.
Valuation: Cheap on PB and second highest dividend yield in Asia.
Momentum: Decent price momentum and earnings growth in line with Asia.
Risk: Moderate risk in Singapore.
Massive price return in Info Tech, Telecom still challenged
Top 3 largest sectors: Industrials: 26% of the market; Financials: 24%; Real Estate: 22%.
Best sector & stock: Information Technology: +40.6% & Hi-P International Ltd: +49.8%.
Worst sector & stock: Telecom: -7.6% & StarHub Ltd: -13.6%.
*CE is consensus estimates.
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